Stock quotation system



Aug. 4, 1936. H. c. RoBlNsoN ET A1. 2,049,627

STOCK QUOTATION SYSTEM Original Filed July 10, 1931 16 Sheets-Sheet l Aug. 4, 1936. H. c. ROBINSON ET AL 2,049,627

STOCK QUOTATION SYSTEM Original Filed July 10, 1931 16 Sheets-SheetZ k il n (O I k 1 ai 23H k U Q li Ll W @s Aug. 4, 1936. A H. c. ROBINSON ET AL 2,049,627

STOCK QUOTATION SYSTEM original Filed July 10, 1931 le sheets-sheet s Y Alf.'

Aug. 4, 1936. H. c. lROBINSON ET Al.

STOCK QUOTATION SYSTEM 16 Sheets-Sheet 4 Original Filed July lO, 1931 Aug- 4 1936. H. c. ROBINSON ET AL. 2,049,627

STOCK QUOTATION SYSTEM original Filed July i0, 1951 16 sheets-sheets ug. 4, 1936. H. c. ROBINSON ET AL STOCK QUOTATION SYSTEM original Filed July 1o, 1931 16 Sheets-Sheet 6 ug. 4, 1936. H. c. ROBINSON ET Al. 2,049,627

STOGK QUOTATON SYSTEM Original Filed July 10, 1931 16 Sheets-Sheet 7 l HJ MYR Aug. 4, 1936. H. c. ROBINSON ET AL 2,049,627

STOCK QUoTATIoN SYSTEM Original Filed July lO, 1931 16 Sheets-Sheet 8 Allg- 4, 1936- H. c. ROBINSON T AL 2,049,627

STOCK QUOTATION SYSTEM Origi/al Filed July 10, 1931 16 Sheets-Sheet 9 Aug. 4, 1936. H, c. ROBINSON ET Al.

STOCK QUOTATION SYSTEM Original Filed July l0, 1951 16 Sheets-Sheet 10 ll iil. I5 m f llqwlmw f N M 0 r e u i KQN 6.5. N f w -E Mmmm www .w1 w ws EQNNA. www

Aug. 4, 1936. HA. c. ROBINSON Ef AL STOCK QUOTATION SYSTEM 16 sheets-smet 11 Original Filed July'lO, 1951 y Aug. V4, 1936.

H. c. RQBlNsoN E-r A; 2,049,627

STOCK QUOTATION SYSTEM original Fild July 1o, 1931 16 sheets-sheet 12 Aug. 4, 1936. H. c. ROBINSON ET AL 2,049,627

STOCK QUOTATION SYSTEM Original Filed July 10, 1951 16 Sheets-Sheet 15 /wa/ I A ./z/m/ auf@ 5706A 55A, C005 /ZZ rrY Aug. 4*, 1936.

H. c. RBlNsoN .ET AL STOCK QUOTATION SYSTEM 16 Sheets-Sheet 14 Y BNN Y Original Filed July l0, 1951 Ijllllllliv All@ 4, 1936 H. c. ROBINSON ET Al. 2,049,627

STOCK QUOTATION SYSTEM Original Filed July lO, 1931 16 Sheets-Sheet 15 ug- 4, 1936 H. c. RoBlNsoN ET A1. 2,049,627

STOCK QUOTATION SYSTEM Original Fild July l0, 1931 16 SheetS-SheeTl 16 Arrr.'

Patented Aug. 4, 1936 PATENT OFFIQE STOCK QUOTATION SYSTEM Harold C. Robinson, Chicago, and John I. Bellamy, Brookfield, Ill.,

assignors, by mesne assignments, to Associated Electric Laboratories, Inc., Chicago, Ill., a corporation of Delaware original application July 1o, 1931, serial No.

549,969. Divided and this application September 6, 1932, Serial No. 631,906

11 Claims.

The present invention relates to stock-quotation systems, but is concerned more particularly with systems of this kind wherein a centralstation transmitter comprising a register sender is employed to transmit stock quotations to a plurality of receivers, each receiver having associated therewith groups of indicating devices to indicate the received stock quotations. i

This application is a division of our application 549,969, iiled July 10, 1931. In the parent application, the main object, broadly stated, is the production of a new and improved transmitting and receiving system for transmitting information regarding the selling price of stocks and similar commodities, so that such prices may be received and set up on indicators at, a plurality of places. This divisional application covers the novel features of the new and improved register sender or transmitter used'at the central transmitting station of the system.

The system disclosed may be considered an improvement on the systems disclosed in the following applications: Bellamy et al., Serial No.

' 378,208, led July 15, 1929; Bellamy, Serial No.

418,205, filed December 11, 1929; Nelson et al., Serial No. 445,746, filed April 19, 1930; Robinson et al., Serial No. 462,114, filed June 18, 1930.-

These United States applications correspond'tol British Patents Nos. 358,889, 368,369, 376,754, and 384,671, respectively. v

General description 'u is interested, and to furnish receiving and indicator-controlling apparatus at `each receiving board, all controlled from a common transmitting station.

As pointed out in the parent application, thev present system contains the following outstanding features: Y i. In order to increase the number of stock quotations to a maximum that can be sent overv .the transmission line, withA a predetermined frerquency of impulses,l eachV ofy the two working transmitters at the transmitting station has been modied so that the other transmitter canv start sending a new quotation immediately following the last digit of a quotation, with the same interval elapsing between quotations as elapses between successive digits of the same quotation. By this arrangement, the two transmitters operate alternately to send impulses continuously over the transmission line during the time when the stock market is most active.

2. In order to prevent a second quotation from being sent too soon from the same transmitter when theV other is not in operation, counting means is provided in each transmitter to count orf the same number of impulse periods that would be taken up by the other transmitter in sendinga quotation before permitting the same transmitter to start a new quotation. By this arrangement, a given transmitter sends its quotations -at the same rate and with the same minimum spacing between quotations regardless of whether the other transmitter is working or not, and the corresponding local senders in the receivers are, therefore, given time to set up each quotation on theY indicators.

3. .In order to permit the operator who is setting up quotations on a transmitter to operate at the highest efficiency, arrangements are made for unlocking the stock-range keys (which are locked up while a quotation is being transmitted from her transmitter, in order to prevent the operator from setting up quotations faster than they are being sent out), as soon as the last digit of a quotation has been transmitted, and without waiting for the inter-quotation timing operation to be performed. In this way, the operator can set up the final digit vof a new quotation as Soon as the last digit of the previous quotation has been sent out, which arrangement permits the operator to keep farther ahead of the sending operation, and it allows the operator toA take a slightly longer time in setting up more diicult quotations without causing the transmitter to wait while the next quotation is being set up.

4..In the present system, the number or character combinations in a quotation has beenreduced fromr ten to eight by eliminating the hundreds digit and by curtailing the price- 5U range digit to a small number of values and combining it with the stock-range digit in a singlefcharacter combination, thereby shortening. the sending time of each quotation. In line` of digits teV equipped with tens, units, and fractions indicators only. The previous-close group, however, is equipped also with a hundreds register, and special arrangements are provided for setting this hundreds register, as will be hereinafter described.

5. In the stock-quotation receivers, the counting relays used to transfer the impulsing conductors to the several digit registers as the suc cessive digits of a quotation `are received are automatically brought into normalposition responsive to the iinal digit of a quotation, so that they are immediately in readiness to receive the first digit of the following quotation, which as stated hereinbefore is sent immediately and with no more pause than occurs between successive digits of the same quotation,

6. In order to reduce the receiving apparatus to a minimum, a single receiver with two seotions is provided instead of two separate receivers, as heretofore, and the relay groups which register the stock-code and stock-range digits 'are made common to the two sections, while suitable connecting relays are provided to associate the common registers with whichever section corresponds to the transmitter from which a quotation is received.

In oneembodiment, separate groups of transfer relays`V are associated with the two local` senders for controlling the registration of the price digits, together with a connecting relay for each group to connect up such groups for operation, depending upon which local sender is to be operated.l

In an illustrated modification, the same setv ofdigit-transfer relays is used for both groups of price-digit registers, thereby reducing the number of transfer relays and simplifying theV associated circuits, while suitable connecting relays are provided for connecting the branch registering conductors as controlled by thd price-digit transfer relays) to the appropriate one of theV two groups of price-digit registers.

'7. In order to-increa-se the speed at which the transfer froml one digit group to another is made, the conductors over which the impulses are received are connected up to the digit registers by contacts of the digit-counting relays themselves instead of through contacts of separate connecting relays controlled from the digit-counting relays.

8. A special feature of the modified receiver is that the number of digit-counting transfer relays has been halved by providing a set of impulse-distributing relays to distribute the impulses to the transfer relays. In connection with this arrangement, one of the impulse-distriuting relays carries contacts for connecting the group of conductors over which impulses are received to two branch groups alternately,

permitting one branch group to be connected up to a register in readiness for operation while the other branch group is connected to the main group. In this way, the connections to the digit registers are prepared in advance to the two branch groups of conductors, and the actual transfer from one register to another is made by 'one' of the impulse-distributing relays.

9. In order to reduce the number of relays required for selecting the desired stock, circuit arrangements are provided for making the hundreds relays common tov both sections ofthe receiver, while separate tens relays are-.providedv for each section.

10. In order to provide a more reliable operating circuit for the transfer relays, contacts are provided on all four of the impulse-receiving relays for controlling the application of potential to a transfer-control impulse conductor each time a digit is received, instead of providing transfer relays. operated in series with the relays of the digit registers themselves, as in the application of Robinson et, al. hereinbefore referred to.

11. In order to reduce the number of slowacting holding. relays from four to one, contacts are provided on each. of the impulse-receiving relays for controlling the circuit of a single slow-acting holding relay, instead o-f the arrangement iny the above-mentioned application of Robinson et al., wherein a separate slowacting holdingl relay is connected to each of the four incoming impulse conductors.

12. A feature of the stock-quotation receiver disclosed herein is that an auxiliary indicating board may be connected up in a diiferent location in the brokers premises so that it will display the samel quotations as are displayed on the main indicating board, and that a socalled executives board may be connected up to the receiver to show the current selling price, or last price, only of' any desired number of stocks.

13. A feature of' the stock-quotation receiver employed in the system disclosed herein is that the current is supplied by a motor generator instead of from a storage battery. This lowers the'cost ofthe receiver considerably, as a motor generator is lower in cost than a storage batteryr and a charger, and it enables the potential to be removed'from the relays and other apparatus of the receivers and indicating boards under the control of the central transmitting station. v In connection with this arrangement, it may be pointed out that the motor generators in all4v the receiving stations are automatically started responsive to the application of normal line currentV at the transmittingV station on the opening of the business day, and is automatically terminated responsive. tothe transmission of a regular impulse overv the line, with. the normal line current not replaced following the impulse.

Other objects and features of the invention, mainly incidental to those hereinbefore stated, will become` apparent upon a further perusal of thisspecication.

Referring now to the drawings, comprising Figs. 1 to 23, they-showasuflicient amount of equipment in a stock-quotation system embodying' the features of the invention to enable the invention to be understood.

Figs. 1` to 5, taken together, show a transmitter TI atthe transmitting station;

Fig. 6 vshows the repeater R, which repeats the impulses received from Ythe transmitters TI and T2 to the lines outgoing to the stock-quotation receivers;

Figs. '7` to 13 show one of the receivers;

Figs.` 14-16 ,show va modification of the portion of the receiver shown in Figs. '7-9;

Figs. 17 and 18 show one of the digit indicators used at the quotation-indicating boards;

Figs. 19, 20, and 21 are tables showing the codes employed in transmitting stockdigits, stock-range digits, and price digits, respectively;

Fig. 22 is a layout drawing showing-how the sheets on which Figs. 1 to 13 are drawn should be arranged in order for the system to be understood best; and

Fig. 23 is a layout drawing similar to Fig. 22,

transmitter.

showing Figs. 14-16 replaced by Figs. 7-9 to disclose the modied receiver.V

As in the prior, pending applications referred to, the system disclosed herein is arranged on the assumption that two operators will bere/quired to` set up the quotations at the transmitting station. Each operator is provided with a separate Since the stocks are identified by the letters of the alphabet (some stocks being identied by a single letter, others by means of two letters, and still others by means of three letters) the division of labor vbetween the two operators may be conveniently made by' assigning to one operator all stocks identified by the letters A to M and all" stocks having the initial letter A to M, and by assigning the remaining stocks to the other operator, as is explained more fully in the prior `applications referred to.

A receiver is provided in the office of each subscribing broker. Each receiver comprises two sections, corresponding to the two transmitters at the transmitting station, as well as to the two stock groups, respectively. Each section of the receiver contains a separate local sender for restoring and reoperating the quotation indicators on the indicating board.

On the indicating board, indicators of the type shown in Figs. 17 and 18y are arranged in groups of sixteen, one group for each stock being dealt in by the broker in whose office the indicating board is installed. In addition to the regular or main indicating board, a broker may desire to have an auxiliary indicating board installed n in a separate room of his office for the use of a separate group of customers. Moreover, the executives board is provided for the use of one or more of the executives of the stock 'brokerage firm, and may be located in one of the private rooms of the brokers office.

Fig. 13 shows one group of indicators on each of the three indicating boards above-mentioned. In the case of the main board MB'and the auxiliary board AB, the registers are arranged in ve horizontal rows, with four registers in the top and three registers in each other row.l In thetop row, the first register indicates the hundreds digit, and in any other row the'registers indicate the tens, units, and ractiOnsfdigitS, respectively. The top row of registers (PC) is arranged to indicate the previous closing price; the second row (OP) indicates todays opening price; the third row (HI) indicates the high price of the day; the fourth row (LO) indicates the low price of the day; and the bottom and fifth row (LA) indicates the'last price.

At the executives board EB, only threeindicators are provided for any stock, these three indicators giving the'tens, units, and fractions digits, respectively, of the last price at Vwhich the corresponding stock sold. Y

Each receiver comprises receiving apparatus for receiving the digits transmitted from the central transmitting station, together with groupselecting and connecting apparatus fon-connecting up the section of the receiverfor operation corresponding to the operating transmitter and consequently corresponding to the stock group from which the quotation is coming. VEach receiver section comprises apparatus for selecting the desired stock group and for operating the indicators therein to set up the price digits of the received quotation.

A three-digit code is assigned to each stock whose quotations are to be transmitted.v by a given transmitter, and translating arrangements are provided (as disclosed.V in the Robinson et al. application hereinbefore referred to) for translating the stock-letter disignation of stock to the assigned group of code digits, which code digits are transmitted along with the quotation to enable the receiver to select the corresponding group of stock registers on the indicating board.

The transmitter Referring now particularly to Figs. 1 to 5, the arrangement of the transmitter TI will be explained generally. The portion of the transmitter used to set up the stock letters and to translate them into the stock-code digits is not shown but may be identical with the apparatus used for this purpose in the application of Robinson et al.-referred toand disclosed in Figs 1 to 3 therein. Accordingly, for a complete disclosure of the transmitter TI, Figs. 1 to 3 of the said Robinson et al. application may be placed to the left of Figs. 4 and 5 of the present drawings.

In the present drawings, Fig. 1 shows a group of price-digit keys, by means of which the price digits of a stock quotation are set up; and a set of stock-range keys,rby means of which a range digit is setup to direct the quotation to the proper row or rows of registers in a selected stock group of indicators andY to indicate the number and denomination of price digits contained in a quotation.

Each transmitter has two register sets and a sender. Register set No. 1 comprises the registers of Figs. 5, 4, and 3 (SI-I, ST, SU, PT, PU, PF, and SR), while register set No. 2 is indicated by the rectangle at the bottom of Fig. 2, and is a duplicate ofV register set No. 1.

In the register set No. 1, the registers SH, ST, and SU register the stock-hundreds, stock-tens, and stock-units digits of the translated stock code; registers PT, PU, and PF of Figs. 4 and 3 register the tens, units, and fractions-price digits, set up successively through the medium of the price-digit keys of Fig. 4; and the stockrange register ST of Fig. 3 Vregisters the stockrange and price-range digits set up on the stockrange keys of Fig. 1.

The sequence relays 202 and 263, Fig. 5, are common to both register sets and are arranged to be operated alternately to associate the register sets alternately with the apparatus used to set up the digits on the registers, including the digit keys of Fig. 1.

The sender consists of the apparatus of Figs. 3 to 5 to the right of the tie cable 204 (which is used to interconnect the two register sets) and is arranged to control the sending relays 3I-39 of register set No. 1 and the corresponding relays of register set No. 2 to send out the registered digits.

y .Y l The receiver Referring now to Figs. 7 to 13, the arrangement of the receiver will be explained generally. This receiver receives all Vquotations transmitted from the central station, ascontrasted with the arrangement disclosed in the prior applications hereinbefore referred to, wherein separate receivers are vemployed for responding to quotations sent out concerningthe two main 'groups into which the stocks are divided. The receiver shown in Figs. 7 to 13, however, has separate sections for handling quotations concerning the two stock groups, with as much of the'receiving apparatus as is considered practicable arrangedV to be common to the two receiver sections. The apparatus of Figs. 7 and 8,v together with the relay apparatus at the top of Fig. 10 and the indicating boards of Fig. 13, is commonI tol both receiver f sections.l The remaining lapparatus shown in detail is individual to section 1, while the apparatus individual to section 2 is indicated by the rectangle shown at the bottoms ofI Figs. 11 and 12.

The apparatus shown in Fig. 7 includes the four impulse-receiving relays, 10I-104, the motor generator MG and associated equipment Vcontrolled by relays 105 and 106, and the relays 10S-1I I, used to select section 1 of the receiver, together with relays 109-1I I, used to select section 2 of the receiver. A

The apparatus shown in Fig. 8 includesy the registers SH, ST, SU, and SR, which record' the stock-code digits and stock-range and price'- range digits fornboth sections of the receiver. Each of these registers include relays A to D, and the registers are associated with the im'- pulse conductors A to D in group 139|l underv the control of the transfer relays'BIJI-Bl.

The apparatus shown in Fig. 9 includes the registers PT, PU, and PF vwhich register the price digits when section 1 of the receiver is'in use. Ihese registers are rendered effective whenever the connecting relay 90| is energized under the control of relays 10Q-1I I, Fig. 7.

The apparatus of Fig. 10 includes the stockselection relays, together with the intermediate distributing frame IDF and the connecting relays IOSI and |I. Of the stock-selection relays, there are six hundreds relays; of which HI, H2, and H6 are shown, and there arejsixty tens relays for each section of therreceive'r, of

which the relays TI2, T2I, and T823v of sectionv` 1 are shown, together with tens relays T'I2, T'2I, and TBQ of section 2. IO0I is operated over conductor 120' to connect up the conductors extending to the contacts'of the tens relays of section 1 when the quotation is coming from transmitter TI, and relay IO0I is operated over conductor 120 of the' second section whenever the quotation being received is coming from transmitter T2.

Fig. 11 shows the section 1 local sender, cornprising relays III 8'-I I35, together with thef impulse machine IM, operated by motor III1 and common to both sections of the receiver. The

f upper set of contacts of the impulse machine IM control the section 1 local sender, whilek the lower set of contacts control the section 2 local sender.

Fig. l2 shows the stock-range relays |202-` I2I0, together with the'v connecting relay I 20|,

which is operated to connect these relays and price-range relay HI8 ofk Fig. 11 to theI contacts of the relays in the stock-rangeV register SR, Fig. 8, whenever a stock quotation relatingto a;

- stock handled by section 1 is being received.

These stock-range relays are operated to determine the row or rows of indicators ina selected stock group tofbe operated.

Fig. 13 shows themain indicating board MB,` the auxiliary indicating board ABpand the indi;

eating board EB, used by executives. Only one' stock group and associated stock relay is shown at each board.

It may be pointed out that the connections 'incoming to the armature springs of the stock relays, the stock relay I30I for example, isfmade preferably through jack contacts, lso .that any` stock relay may be inserted into eitherA of two sets of jack contacts to associate it with theV #multiple ofeither of the atworeceiver sections:

The connecting relayl Iir this"V way, any group of indicators may be assigned to any stock in either stock group.

`ItV is to be noted that each of the stock relays, I30I, |302, andjf303, is shown in association with the stock multiple of section 1. The contacts of the multiple of section 2 are shown just below the contacts of the stock multiple of section 1, and theY jack contacts are preferably so arranged that the position of the relay may be shifted only. slightly to connect the relays to the multiple contacts of the other section.

The' motor generator MG obtains power from the incoming commercial power leads, and it supplies current to the receiving apparatus through the bus-bars 101 and 108.

The electroL-polariz'ed receiving relays 10|, 102, 103, and 104 are' of the type disclosed in the United States Patent No. 1,673,884, granted June 19, 1928, to Harold C. Pye. A relay of this type is provided with a locally energized polarizing Winding which cannot operate the relay alone, because of the magnetic structure, but polarizes the relay so that it is operated and released under" control of the line current.

General arrangement of the system Referring nowparticularly to Fig. 6, the general arrangement of thesystem will now be explained, It is to be noted that the conductors A to D outgoing from the transmitters TI and T2 are multipled together and extend to relays A to D (6004508) of the repeater R. This repeater is arranged to repeat therimpulses from either operating transmitter to each of a plurallty of lines, of which thev lines I 'and' 2 are shown. The lockout relays 60| and 602 are controlled.r from thel transmitters Ti and T2, respectively, so that while one transmitter isY operating the other i'sV locked out and its operation prevented.

Each of the'lines extending to the right from the'repeater R.u may be common to a plurality of receivers, the receiving relays of the several receivers of a line being connected in series, with the end of each line connected to ground beyond the lastY receiver on the line. -It is to be noted'that ea'cliA line is normally connected to thejpositiveline battery throughl contacts ofthe repeatingl relays and contacts of the knife switch 604. By this arrangement, a normal biasing current ilows over the line during the time no im pulses are being transmitted and between successive impulses While impulses arev being transmitted. This normal biasing liner current maintains the polarized receiving relays normally actuated in the receivers, and it serves to reactuate them following theirrestoration responsive to an impulse of current delivered from the negativeline to battery.

TheY relay 503, together with the controlling push-button 609, Vis provided for the purpose of controlling the starting and stopping of the motor generator at thereceiver, in a manner to be explained in detail hereinafter.

Detailed description The system` having been described generally, a detailed description of the operation of the apparatuss'hown will now be given. For thisl 

